Intrinsic value of Fair Isaac - FICO

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$135.48

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$135.48

 
Intrinsic value

$140.46

 
Up/down potential

+4%

 
Rating

hold

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FICO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.01
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
Revenue, $m
  881
  969
  1,061
  1,157
  1,257
  1,361
  1,470
  1,582
  1,699
  1,821
  1,947
  2,078
  2,215
  2,357
  2,505
  2,658
  2,819
  2,986
  3,160
  3,342
  3,531
  3,729
  3,936
  4,152
  4,378
  4,615
  4,862
  5,121
  5,392
  5,675
  5,973
Variable operating expenses, $m
 
  246
  262
  278
  295
  313
  332
  351
  371
  392
  414
  356
  380
  404
  429
  456
  483
  512
  542
  573
  605
  639
  675
  712
  751
  791
  833
  878
  924
  973
  1,024
Fixed operating expenses, $m
 
  505
  518
  531
  544
  558
  572
  586
  601
  616
  631
  647
  663
  680
  697
  714
  732
  750
  769
  788
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
Total operating expenses, $m
  712
  751
  780
  809
  839
  871
  904
  937
  972
  1,008
  1,045
  1,003
  1,043
  1,084
  1,126
  1,170
  1,215
  1,262
  1,311
  1,361
  1,413
  1,467
  1,524
  1,582
  1,643
  1,705
  1,770
  1,838
  1,908
  1,982
  2,058
Operating income, $m
  170
  218
  282
  348
  418
  490
  566
  645
  727
  813
  902
  1,075
  1,172
  1,273
  1,379
  1,489
  1,604
  1,724
  1,849
  1,981
  2,118
  2,262
  2,413
  2,571
  2,736
  2,910
  3,092
  3,283
  3,483
  3,694
  3,915
EBITDA, $m
  202
  301
  365
  432
  502
  575
  651
  730
  813
  899
  989
  1,082
  1,179
  1,281
  1,387
  1,498
  1,613
  1,734
  1,860
  1,992
  2,130
  2,274
  2,426
  2,584
  2,751
  2,925
  3,108
  3,300
  3,501
  3,713
  3,935
Interest expense (income), $m
  27
  23
  26
  29
  33
  37
  40
  44
  48
  53
  57
  62
  66
  71
  77
  82
  88
  94
  100
  106
  113
  120
  127
  134
  142
  150
  159
  168
  178
  187
  198
Earnings before tax, $m
  145
  195
  255
  319
  385
  454
  526
  601
  679
  760
  845
  1,013
  1,106
  1,202
  1,302
  1,407
  1,516
  1,630
  1,750
  1,875
  2,005
  2,142
  2,286
  2,436
  2,594
  2,759
  2,933
  3,115
  3,306
  3,506
  3,717
Tax expense, $m
  36
  53
  69
  86
  104
  123
  142
  162
  183
  205
  228
  274
  298
  324
  352
  380
  409
  440
  472
  506
  541
  578
  617
  658
  700
  745
  792
  841
  893
  947
  1,004
Net income, $m
  109
  142
  186
  233
  281
  331
  384
  439
  496
  555
  617
  740
  807
  877
  950
  1,027
  1,107
  1,190
  1,277
  1,369
  1,464
  1,564
  1,669
  1,778
  1,894
  2,014
  2,141
  2,274
  2,413
  2,560
  2,713

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  76
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,221
  1,260
  1,380
  1,505
  1,635
  1,770
  1,911
  2,057
  2,209
  2,367
  2,532
  2,702
  2,880
  3,065
  3,257
  3,457
  3,665
  3,883
  4,109
  4,345
  4,592
  4,850
  5,119
  5,400
  5,694
  6,001
  6,323
  6,659
  7,011
  7,380
  7,767
Adjusted assets (=assets-cash), $m
  1,145
  1,260
  1,380
  1,505
  1,635
  1,770
  1,911
  2,057
  2,209
  2,367
  2,532
  2,702
  2,880
  3,065
  3,257
  3,457
  3,665
  3,883
  4,109
  4,345
  4,592
  4,850
  5,119
  5,400
  5,694
  6,001
  6,323
  6,659
  7,011
  7,380
  7,767
Revenue / Adjusted assets
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
Average production assets, $m
  82
  90
  99
  108
  117
  127
  137
  147
  158
  169
  181
  193
  206
  219
  233
  247
  262
  278
  294
  311
  328
  347
  366
  386
  407
  429
  452
  476
  501
  528
  555
Working capital, $m
  22
  25
  28
  30
  33
  35
  38
  41
  44
  47
  51
  54
  58
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  148
  155
Total debt, $m
  571
  566
  639
  715
  794
  877
  963
  1,052
  1,145
  1,241
  1,341
  1,445
  1,554
  1,666
  1,784
  1,906
  2,033
  2,165
  2,304
  2,448
  2,598
  2,755
  2,919
  3,091
  3,270
  3,458
  3,654
  3,859
  4,074
  4,299
  4,535
Total liabilities, $m
  774
  769
  842
  918
  997
  1,080
  1,166
  1,255
  1,348
  1,444
  1,544
  1,648
  1,757
  1,869
  1,987
  2,109
  2,236
  2,368
  2,507
  2,651
  2,801
  2,958
  3,122
  3,294
  3,473
  3,661
  3,857
  4,062
  4,277
  4,502
  4,738
Total equity, $m
  447
  491
  538
  587
  638
  690
  745
  802
  862
  923
  987
  1,054
  1,123
  1,195
  1,270
  1,348
  1,429
  1,514
  1,603
  1,695
  1,791
  1,891
  1,996
  2,106
  2,220
  2,340
  2,466
  2,597
  2,734
  2,878
  3,029
Total liabilities and equity, $m
  1,221
  1,260
  1,380
  1,505
  1,635
  1,770
  1,911
  2,057
  2,210
  2,367
  2,531
  2,702
  2,880
  3,064
  3,257
  3,457
  3,665
  3,882
  4,110
  4,346
  4,592
  4,849
  5,118
  5,400
  5,693
  6,001
  6,323
  6,659
  7,011
  7,380
  7,767
Debt-to-equity ratio
  1.277
  1.150
  1.190
  1.220
  1.250
  1.270
  1.290
  1.310
  1.330
  1.340
  1.360
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.440
  1.450
  1.460
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.490
  1.500
Adjusted equity ratio
  0.324
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  109
  142
  186
  233
  281
  331
  384
  439
  496
  555
  617
  740
  807
  877
  950
  1,027
  1,107
  1,190
  1,277
  1,369
  1,464
  1,564
  1,669
  1,778
  1,894
  2,014
  2,141
  2,274
  2,413
  2,560
  2,713
Depreciation, amort., depletion, $m
  32
  83
  83
  84
  84
  84
  85
  85
  85
  86
  86
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
Funds from operations, $m
  198
  225
  270
  316
  365
  416
  469
  524
  581
  641
  703
  747
  814
  885
  959
  1,036
  1,116
  1,200
  1,288
  1,380
  1,476
  1,576
  1,682
  1,792
  1,908
  2,030
  2,157
  2,291
  2,431
  2,579
  2,733
Change in working capital, $m
  13
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  185
  220
  267
  314
  362
  413
  466
  521
  578
  638
  700
  743
  811
  881
  955
  1,032
  1,112
  1,196
  1,283
  1,375
  1,471
  1,571
  1,677
  1,787
  1,902
  2,024
  2,151
  2,284
  2,424
  2,571
  2,726
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
New CAPEX, $m
  -22
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
Cash from investing activities, $m
  -28
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -22
  -22
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -47
Free cash flow, $m
  157
  209
  256
  301
  349
  399
  451
  505
  562
  621
  682
  725
  791
  861
  933
  1,009
  1,088
  1,171
  1,257
  1,348
  1,442
  1,541
  1,645
  1,753
  1,867
  1,987
  2,112
  2,244
  2,382
  2,527
  2,679
Issuance/(repayment) of debt, $m
  -37
  71
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  138
  144
  150
  157
  164
  171
  179
  188
  196
  205
  215
  225
  236
Issuance/(repurchase) of shares, $m
  -121
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -163
  71
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  138
  144
  150
  157
  164
  171
  179
  188
  196
  205
  215
  225
  236
Total cash flow (excl. dividends), $m
  -8
  280
  329
  378
  429
  482
  537
  595
  655
  717
  782
  829
  900
  973
  1,051
  1,131
  1,215
  1,303
  1,395
  1,492
  1,593
  1,698
  1,809
  1,925
  2,047
  2,174
  2,308
  2,449
  2,597
  2,752
  2,915
Retained Cash Flow (-), $m
  -10
  -44
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -125
  -131
  -137
  -144
  -151
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  235
  282
  329
  378
  429
  482
  538
  595
  656
  718
  762
  830
  901
  976
  1,053
  1,134
  1,219
  1,307
  1,399
  1,496
  1,598
  1,704
  1,815
  1,932
  2,055
  2,183
  2,318
  2,459
  2,608
  2,764
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  220
  246
  265
  279
  288
  293
  292
  287
  277
  263
  240
  222
  202
  180
  158
  137
  116
  96
  79
  63
  49
  37
  28
  20
  14
  10
  7
  4
  3
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Fair Isaac Corporation develops analytic, software, and data management products and services that enable businesses to automate, enhance, and connect decisions. The company offers analytical solutions, credit scoring, and credit account management products and services to banks, credit reporting agencies, credit card processing agencies, insurers, retailers, healthcare organizations, and public agencies. It operates through three segments: Applications, Scores, and Decision Management Software. The Applications segment offers pre-configured decision management applications designed for various business problem or process, such as marketing, account origination, customer management, fraud, collections, and insurance claims management, as well as associated professional services. The Scores segment provides business-to-business scoring solutions and services, including myFICO solutions for consumers that give clients access to analytics to be integrated into their transaction streams and decision-making processes, as well as associated professional services. The Decision Management Software segment offers analytic and decision management software tools, as well as professional services. The company offers a portfolio of applications, tools, and services in the cloud to clients through its FICO Analytic Cloud, FICO Decision Management Suite, and FICO Decision Management Platform. Fair Isaac Corporation markets its products and services primarily through its direct sales organization; indirect channels; subsidiary sales organizations; and resellers and independent distributors, as well as online. The company was formerly known as Fair Isaac & Company, Inc. and changed its name to Fair Isaac Corporation in July 1992. Fair Isaac Corporation was founded in 1956 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Fair Isaac (FICO)

Valuation Ratios
P/E Ratio 38.4
Price to Sales 4.8
Price to Book 9.4
Price to Tangible Book
Price to Cash Flow 22.7
Price to Free Cash Flow 25.7
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 110.5%
Total Debt to Equity 127.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 10.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 24.7%
Return On Equity - 3 Yr. Avg. 21.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 69.1%
Gross Margin - 3 Yr. Avg. 68.4%
EBITDA Margin 23.2%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 24.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.5%
Payout Ratio 1.8%

FICO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FICO stock intrinsic value calculation we used $881 million for the last fiscal year's total revenue generated by Fair Isaac. The default revenue input number comes from 2016 income statement of Fair Isaac. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FICO stock valuation model: a) initial revenue growth rate of 10% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.8%, whose default value for FICO is calculated based on our internal credit rating of Fair Isaac, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fair Isaac.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FICO stock the variable cost ratio is equal to 26.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $493 million in the base year in the intrinsic value calculation for FICO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for Fair Isaac.

Corporate tax rate of 27% is the nominal tax rate for Fair Isaac. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FICO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FICO are equal to 9.3%.

Life of production assets of 27.8 years is the average useful life of capital assets used in Fair Isaac operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FICO is equal to 2.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $447 million for Fair Isaac - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 31.175 million for Fair Isaac is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fair Isaac at the current share price and the inputted number of shares is $4.2 billion.


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COMPANY NEWS

▶ Fair Isaac posts 2Q profit   [Apr-27-17 07:08PM  Associated Press]
▶ Major changes coming to how your credit score is calculated   [Apr-19-17 11:15AM  Associated Press]
▶ FICO, Experian Join Forces to Expand Free Credit Scores   [Mar-08-17 01:48PM  at The Wall Street Journal]
▶ FICO Declares Quarterly Cash Dividend   [03:00PM  PR Newswire]
▶ Fair Isaac tops Street 1Q forecasts   [Jan-31-17 05:18PM  AP]
▶ FICO 5 vs. FICO 8: What Are the Differences?   [07:30AM  at Investopedia]
▶ FICO Survey: APAC Consumers Taking Longer To Pay Bills   [Dec-20-16 08:00PM  PR Newswire]
▶ Fair Isaac Corporation (FICO): Hedge Funds Like What They See   [Dec-09-16 07:32PM  at Insider Monkey]
▶ Is Investors Bancorp, Inc. (ISBC) A Good Stock To Buy?   [Nov-29-16 01:20PM  at Insider Monkey]
▶ 5 Easy Ways To Boost Your Credit Score   [Nov-11-16 12:32PM  at Forbes]
▶ FICO Declares Quarterly Cash Dividend   [03:00PM  PR Newswire]
▶ [$$] Cellphone Use to Determine FICO Scores Abroad   [Oct-24-16 09:21PM  at The Wall Street Journal]
▶ [$$] Cellphone Use to Determine FICO Scores Abroad   [12:16PM  at The Wall Street Journal]
Stock chart of FICO Financial statements of FICO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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